Latest news with #AnthonyO'Brien
Irish Post
2 days ago
- Automotive
- Irish Post
Personal loans in Ireland hit record high especially for car payments
PEOPLE taking out personal loans in Ireland hit record highs in the first quarter of 2025. Personal loans were up across all fields, particularly in car financing, according to new figures from the Banking & Payments Federation Ireland (BPFI). The newest BPFI Personal Loans Report reveals that the number of car loans increased by 20% year-on-year to 19,552, while the total value of such loans surged by 25% to €259 million. This is the highest level of car loans since the BPFI began collecting this data in 2020. The average car loan rose by €366 over the year, reaching €13,267. BPFI's Head of Sector Research & Analysis, Anthony O'Brien, attributed the continued growth in car loans to rising demand for electric and plug-in hybrid vehicles, along with ongoing financing for second-hand cars. In total, over 60,000 personal loans were taken out in the first quarter of the year , valued at nearly €700 million. This represents an annual increase of 22% in volume and 24% in value. The average personal loan increased by €177 compared to the same period last year, now standing at €11,239. The report also shows major growth in green loans, which rose 26% in volume to 1,531 loans. Their total value climbed 29.3% to €35.1 million. The average green loan reached €22,906, which was more than double the average across all personal loan types. Home improvement loans also saw a sharp increase, with 15,372 loans drawn down in the first quarter, an 18% increase from last year. These loans were valued at €198 million, 19% higher than the same period in 2024. The average home improvement loan increased by €116 to €12,886. O'Brien said that these numbers show a big start to the year for consumer borrowing, with Q1 setting new records for personal loan drawdowns both in terms of volume and value. Separately, in Britain, a Supreme Court ruling brought relief to lenders facing possible payouts related to motor finance commissions. The court overturned a previous decision that could have forced banks to compensate borrowers for undisclosed commissions paid to car dealerships. While the judgement reduces the potential financial burden on lenders, the Financial Conduct Authority (FCA) is moving forward with a redress scheme covering deals dating back to 2007. Bank of Ireland, which holds around 2% of the British motor finance market, had already allocated £143 million for possible compensation. Following the ruling, the bank said it would fully review the judgement but made no further comment. See More: BPFI, FCA, Loans
The Journal
2 days ago
- Automotive
- The Journal
Irish people borrowed more money for car loans at the start of 2025 than in at least five years
CAR LOANS IN Ireland hit a new peak in the first three months of this year, new figures show, reaching their highest level since specific record-keeping and analysis of the data began five years ago. The Banking and Payments Federation Ireland (BPFI) has released data showing that from January to March, 19,552 car loans were taken out, collectively valued at a total of €259m. The average car or auto finance loan was €13,267, an increase of €366 compared with last year. Personal loan activity also grew across other types of loans, including green and home improvement loans and loans for education, holidays or special occasions. Overall, a total of 60,770 personal loans were drawn down in the first quarter of the year, valued at €683m. It marks a year-on-year in increase of 22.1% in volume and 24.1% in value. BPFI's Personal Loans Report Q1 2025 published today shows car loan volumes and values reached their highest levels on record, with 19,552 loans valued at €259 million. Read the report on — Banking & Payments Federation Ireland (@BPFINews) August 15, 2025 The average personal loan value rose by €177 to €11,239 compared with the same period last year. The number of car loans rose by 21.5% to 19,552, while the value of these loans increased by 25% year on year to €259m. Advertisement There were 15,372 home improvement loans, an increase of 18.2%, and they were valued at €198m, a 19.2% jump. The average home improvement loan increased by €116 to €12,886. The category of 'other loans' includes loans for reasons like education, holidays and special occasions such as weddings. A total of 25,846 'other loans' were drawn down valued at €226m, up 25% in volume and 27.5% year-on-year. The average loan value for other loans increased by €170 to €8,725. BPFI Head of Sector Research & Analysis Anthony O'Brien said that the latest figures 'reveal continued strong demand for personal loans'. 'When viewed on an annualised basis, we see there were 240,423 personal loans drawn down in the four quarters ending Q1 2025, valued at almost €2.6bn. This was more than double the value in the twelve months ending Q1 2021,' he said. O'Brien said the report shows the highest car loan volumes and values since the data series began in 2020. 'The continued growth in electric and plug-in hybrid electric vehicles is likely contributing to these increases,' he said. 'While increases were seen across all categories, green personal loans, which comprise of green car and green home improvement loans, had the highest relative jump in value of 29.3% year on year to €35.1m in Q1 2025 and in volume by 26.6% to 1,531. 'These are the highest activity levels since the green loan data series began in 2022.' Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
RTÉ News
2 days ago
- Business
- RTÉ News
Car loan values surge 25% to highest level on record in Q1
New figures out today show that car loan volumes and values reached their highest levels on record in the first quarter of this year. The latest Banking & Payments Federation Ireland (BPFI) Personal Loans Report shows that the number of car loans rose by 21.5% year on year to 19,552, while the value of these loans increased by 25% to €259m. The average car or auto finance loan increased by €366 to €13,267, BPFI added. Today's report also shows that personal loan activity grew across all categories including green and home improvement loans as well as loans for education, holidays and special occasions. A total of 60,770 personal loans were drawn down, valued at €683m, in the first quarter of this year - an increase of 22.1% in volume and 24.1% in value year on year. The average personal loan value rose by €177 year on year to €11,239. BPFI said the number of green loans rose by 26.6% year on year to 1,531 while the value of green personal loans jumped by 29.3% over the same period to €35.1m. It noted that the average green loan rose by €474 at €22,906 in the first three months of this year, more than twice the value of the average for all loans of €11,239. Today's report also reveals 15,372 home improvement loans were given out in the first quarter of the year, up 18.2% on an annual basis. These were valued at €198m 19.2% higher than the previous year. The average home improvement loan increased by €116 to €12,886. Meanwhile, a total of 25,846 loans for other purposes - including education, holidays and special occasions such as weddings - were drawn down, a rise of 25% in volume year on year, with values rising by 27.5% to €226m over the same period. The average loan value for other loans increased by €170 to €8,725. "Our latest figures reveal continued strong demand for personal loans, with Q1 2025 marking a new high for overall drawdown volumes and values," Anthony O'Brien, Head of Sector Research & Analysis at BPFI said. Noting that car loan volumes and values reached their highest level since the BPFI data series began in 2020, Mr O'Brien said the continued growth in electric and plug-in hybrid electric vehicles is likely contributing to these increases. He also said it is worth noting that personal loans are also used to finance second-hand car purchases.
Scoop
19-06-2025
- Health
- Scoop
Govt Launches Suicide Prevention Plan
A five-year plan aiming to tackle New Zealand's 'stubbornly high suicide rates' has been released today. The plan includes new strategies like peer support roles for mental health patients in emergency departments, and crisis recovery cafés so people don't have to resort to a hospital and can receive care in the community. The SMC asked experts to comment. Jacqui Maguire, Registered Clinical Psychologist, comments: 'New Zealand's suicide statistics remain a source of national shame. The Government's new Suicide Prevention Action Plan signals good intent, but without meaningful detail, it is difficult to assess its true impact. 'The most obvious gap in the plan is workforce development. Peer support and coordination roles are valuable, but the plan does not outline the training and retention of psychologists, social workers and mental health nurses who are needed to meet demand. Across both public and NGO services, workforce shortages, not just budget, are a real constraint. If we do not have qualified professionals we cannot deliver the required scale of care. 'Secondly, I believe the plan could be bolder and more detailed. For example, Every emergency department should have skilled, trained support not just the 8 regions outlined. Peer support is already being trialled, including in Wellington ED, but suicide risk exists nationwide. The alcohol and suicide link is acknowledged, but there is no clear policy action mentioned. For example, will the Plan tackle outlet density or alcohol pricing? We need to ensure therapy is accessible to all. The current model excludes many middle-income earners, who fall outside subsidy thresholds and cannot afford private care. Unless you are under 25 and covered by PIKI, access can be incredibly limited. That is neither equitable nor sustainable. The plan also speaks to hope, wellbeing and prevention yet makes little reference to the deeper drivers of suicide such as loneliness, housing stress, cultural disconnection and income insecurity. If we want significant suicide reduction, these issues are central. While the plan refers to data and information sharing, it does not address the kind of infrastructure needed to enable real-time, coordinated care. Particularly between crisis services and mental health teams. Without this, continuity of care will likely remain fragmented. Advertisement - scroll to continue reading 'The plan sounds promising on paper. However without a clear picture of who is delivering what, and how services will be integrated, it is hard to see how this plan will drive the scale of change New Zealand urgently needs to meaningfully reduce suicide.' No conflict of interest declared. Anthony O'Brien, Associate Professor in Mental Health Nursing, University of Waikato, comments: 'It is encouraging to see this new action plan on suicide. There is some tension between the action areas of the plan, and other areas of policy. Some actions require no funding but have the potential to limit suicide risk. 'For example the role of alcohol is highlighted, but curbs on alcohol advertising are not suggested. There is no plan to act on the role of social media in fueling suicide risk. There is limited recognition in the plan of the increased risk of suicide among people who are not employed, despite the report identifying social determinants contributing to suicide risk. 'It is good to see recognition of how various workforces can respond to suicidal thinking and support for those bereaved by suicide. There could be more recognition of the role of primary health care. It was surprising that the Access and Choice Programme was not included in current health-led suicide prevention supports. Also absent is the role of school nurses who in addition to providing support for students experiencing distress could be mobilised as school-based champions of suicide prevention. 'Given the commitment to measurable outcomes it would have been good to see some recognition of a suicide research strategy.'
Scoop
19-06-2025
- Health
- Scoop
Govt Launches Suicide Prevention Plan
A five-year plan aiming to tackle New Zealand's 'stubbornly high suicide rates' has been released today. The plan includes new strategies like peer support roles for mental health patients in emergency departments, and crisis recovery cafés so people don't have to resort to a hospital and can receive care in the community. The SMC asked experts to comment. Jacqui Maguire, Registered Clinical Psychologist, comments: 'New Zealand's suicide statistics remain a source of national shame. The Government's new Suicide Prevention Action Plan signals good intent, but without meaningful detail, it is difficult to assess its true impact. 'The most obvious gap in the plan is workforce development. Peer support and coordination roles are valuable, but the plan does not outline the training and retention of psychologists, social workers and mental health nurses who are needed to meet demand. Across both public and NGO services, workforce shortages, not just budget, are a real constraint. If we do not have qualified professionals we cannot deliver the required scale of care. 'Secondly, I believe the plan could be bolder and more detailed. For example, Every emergency department should have skilled, trained support not just the 8 regions outlined. Peer support is already being trialled, including in Wellington ED, but suicide risk exists nationwide. The alcohol and suicide link is acknowledged, but there is no clear policy action mentioned. For example, will the Plan tackle outlet density or alcohol pricing? We need to ensure therapy is accessible to all. The current model excludes many middle-income earners, who fall outside subsidy thresholds and cannot afford private care. Unless you are under 25 and covered by PIKI, access can be incredibly limited. That is neither equitable nor sustainable. The plan also speaks to hope, wellbeing and prevention yet makes little reference to the deeper drivers of suicide such as loneliness, housing stress, cultural disconnection and income insecurity. If we want significant suicide reduction, these issues are central. While the plan refers to data and information sharing, it does not address the kind of infrastructure needed to enable real-time, coordinated care. Particularly between crisis services and mental health teams. Without this, continuity of care will likely remain fragmented. Advertisement - scroll to continue reading 'The plan sounds promising on paper. However without a clear picture of who is delivering what, and how services will be integrated, it is hard to see how this plan will drive the scale of change New Zealand urgently needs to meaningfully reduce suicide.' No conflict of interest declared. Anthony O'Brien, Associate Professor in Mental Health Nursing, University of Waikato, comments: 'It is encouraging to see this new action plan on suicide. There is some tension between the action areas of the plan, and other areas of policy. Some actions require no funding but have the potential to limit suicide risk. 'For example the role of alcohol is highlighted, but curbs on alcohol advertising are not suggested. There is no plan to act on the role of social media in fueling suicide risk. There is limited recognition in the plan of the increased risk of suicide among people who are not employed, despite the report identifying social determinants contributing to suicide risk. 'It is good to see recognition of how various workforces can respond to suicidal thinking and support for those bereaved by suicide. There could be more recognition of the role of primary health care. It was surprising that the Access and Choice Programme was not included in current health-led suicide prevention supports. Also absent is the role of school nurses who in addition to providing support for students experiencing distress could be mobilised as school-based champions of suicide prevention. 'Given the commitment to measurable outcomes it would have been good to see some recognition of a suicide research strategy.'
